Dharmaj Crop Guard IPO

Dharmaj Crop Guard Limited is an agrochemical firm that manufactures, distributes, and markets a wide range of agricultural chemical formulations. Dharmaj Crop Guard IPO will hit the stock market in 28 November 2022.

About Dharmaj Crop

They sell agrochemical formulations to both B2C and B2B consumers, including insecticides, fungicides, herbicides, plant growth regulators, micro fertilisers, and antibiotics.

They also market and distribute agrochemical products to Indian farmers via their supply chain, under trademarks in-licensed by them, owned by them, and through generic brands.

They offer crop protection services to farmers in order to help them increase productivity and profit. Their products are exported to over 20 nations in Latin America, East Africa, the Middle East, and East Asia.

Customers can get their agrochemical goods in granules, powder, or liquid form. They also produce and market generic insect and pest control products for the protection of human and animal health.

Products

They continue to add new goods to their product line in order to provide a diverse product selection across the agri-value chain. They produce and market insecticides, fungicides, herbicides, plant growth regulators, micro fertilisers, and antibiotics in a variety of formulations.

They have secured 392 registrations for agrochemical formulations with the CIB&RC as of the date of this Draft Red Herring Prospectus, of which 201 agrochemical formulations are for sale in India and also for export and 191 agrochemical formulations are only for export.

They’ve also applied to the CIB&RC for certification of six agrochemical formulations, which are currently pending at various levels.

Trademarks

In addition to their branded products, they have over 150 trademark registrations. Customers can purchase their formulations as branded products.

As of November 30, 2021, They had over 109 trademarked formulations that are sold to farmers. They sell bulk products to their institutional clients locally and in the global markets.

Furthermore, as of November 30, 2021, they have over 196 institutional items in their portfolio, which they marketed to over 600 customers in India and internationally.

They had exported their products to over 60 customers in 20 countries as of November 30, 2021. They’ve also received regulatory clearances for their new manufacturing plant, including environmental clearance.

Dharmaj Crop Guard IPO

Dharmaj Crop Guard Limited, headquartered in Ahmedabad has submitted Draft Red Herring Prospectus(DRHP) to Securities and Exchange Board of India(SEBI) for initial public offering (IPO) of 216 Cr & 1,483,000 Equity Shares on 21 January 2022.

The offer includes a fresh issue of INR 216 crore and there is offer for sale (OFS) of 1,483,000 Equity crore value equity shares by the promoters mentioned in the DRHP. They are not looking for a Pre-IPO placement in this issue.

They got approval from Securities and Exchange Board of India(SEBI) to float the initial public offering (IPO) in the market.

Financials Trends

Particulars	For the year/period ended ( in Cr.)
	30-Sep-21	31-Mar-21	31-Mar-20	31-Mar-19
Total Assets	194.43	128.87	92.58	47.65
Total Revenue	228.15	303.56	199.16	139.95
Profit After Tax	18.67	20.96	10.76	5.02

Basic and Diluted Earnings Per Share

Financial Period	Basic EPS (in INR)	Diluted EPS (in INR)	Weight
Financial Year 2021	8.49	8.49	3
Financial Year 2020	5.75	5.75	2
Financial Year 2019	3.35	3.35	1
Weighted Average	6.72	6.72
30 Sep. 2021	7.56	7.56

Objects of the Issue

• Prepayment / repayment of all or a portion of the outstanding borrowings of the company to be availed on consolidated basis.
• To meet common corporate objectives.

Basis of the offer

They feel they can compete well in the industry because of the following company strengths:

• Their product selection is diverse, and they maintain a continual focus on quality and innovation.
• Effective distribution system with excellent branded products and reliable relationships with key institutional clients.
• Strong R&D skills with a focus on innovation and safety.
• Promoters and management staff with a lot of experience.
• Excellent operational and financial success in the past.

Dharmaj Crop Guard Comparison

S. No.	Face Value	Company Name	PE
1	1	Rallis India Limited	23.41
2	1	India Pesticides Limited	26.57
3	10	Punjab Chemical & Crop Protection Limited	37.58
4	10	Bharat Rasayan Limited	32.36
5	10	Astec Lifesciences Limited	45.68
6	10	Heranba Industries Limited	16.62

• All financial data for the listed sector peer referenced above is consolidated and derived from the listed peer’s annual audited financial reports for the fiscal year ending March 31, 2021.
• The P/E Ratio for listed peers was calculated using the closing market price of equity shares on the NSE website on January 7, 2022.

Dharmaj Crop Guard IPO Details

IPO Opening Date	28 November 2022
IPO Closing Date	30 November 2022
Issue Type	Book Building
Face Value	10 per share
IPO Price	INR 216 to 237 per equity share
Market Lot	60
Min Amount	INR 14220
Listing At	BSE, NSE
Issue Size	249.84 Crore
Fresh Issue	216 Crore
Offer for Sale	1,483,000 equity share

Dharmaj Crop Guard IPO Date

Dharmaj IPO opening date is 28 November 2022, and the closing date is 30 November 2022. The Dharmaj Crop Guard issue may list in 08 December 2022.

IPO Opening Date	28 November 2022
IPO Closing Date	30 November 2022
Basis of Allotment Date	06 December 2022
Initiation of Refunds	06 December 2022
Credit of Shares to Demat Account	07 December 2022
IPO Listing Date	08 December 2022

Basis of Allotment

Type	% of Offer	Basis of Allotment
Qualified Institutional Buyer	50	Roughly  equivalent
Non Institutional Investor	15	Roughly  equivalent
Retail	35	Minimum 1 lot based on availability

Dharmaj Crop Guard Status

Allotment of equity stocks subject to the Fresh Issue and transfer of the Promoter Selling Shareholders’ OFS Stocks to the winning Bidders subject to the Offer for Sale. Nevertheless, the status of the allotment has yet to be revealed.

Here, you can find the Allotment Status of Dharmaj Crop IPO.

Dharmaj Crop Guard IPO GMP

Dharmaj Crop Guard IPO Grey Market Premium is 0. You can check out GMP of Other IPOs on below Links:

Date	GMP (in Rs)	Subject to Sauda	Kostak (in Rs)
November 2022
November 2022
November 2022
November 2022
November 2022
November 2022
November 2022
November 2022
November 2022
November 2022
November 2022
November 2022

Check Out the GMP of all Other IPOs

IPO Grey Market Premium

Dharmaj IPO Review

Dharmaj IPO review : If you are looking for Dharmaj Crop Guard IPO is good or bad answer than you can apply for this IPO with long term view.

Dharmaj IPO Risk

1. They rarely enter into long-term contracts with the majority of their clients, which would have a significant negative impact on their business.
2. Clients subject them to stringent technical specifications, quality criteria, and regular inspections and audits.
3. Their business is cyclical and is affected by climate circumstances.
4. Any unannounced, unscheduled, or unannounced shutdowns in their manufacturing activities could harm their firm.
5. Climate and employee health and safety laws and regulations apply to their operations.
6. They are reliant on the success of their customer relationships. A portion of their revenue comes from a few major customers.
7. The sale of Formulations in the agro-chemicals business accounts for nearly all of their revenue.

Other Threats

1. Their firm, promoters, and directors are the subject of ongoing legal action. Any negative decision in these procedures could have a negative impact on their business.
2. When managing and sustaining their production plants, they may be exposed to considerable risks and dangers.
3. Their production facility is focused in a single region, and their failure to operate and grow their business in this region could be detrimental to their operations.
4. Their failure to properly control their growth or implement their business plan and growth strategy may have a negative impact on their company.
5. They rely on third-party shipping and transportation companies.

Production Plant

Plot No. 408 to 411, Kerala GIDC Estate, Off NH-8, Kerala, Taluka Bavla, Ahmedabad – 382220, Gujarat, India is the location of their manufacturing facility. Their production facility’s overall installed ability for agro-chemical formulations was 25,500 MT as of November 30, 2021.

In Fiscal 2021, their company produced 7,577.21 MT of agrochemical formulations. At their production plant, they have established a soil bio reactor, which is used to treat waste/sewage water and remove impurities.

Their production plant is equipped with latest plant and machinery skilled of producing high agrochemical products, and they have obtained ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 quality assurance accreditations for the design and manufacturing of agrochemical compositions including insecticides, herbicides, fungicides, micro fertilisers, and plant growth regulators.

Research & Development

At their production facilities, they have a research and development (R&D) centre. At their production plant, they also have a quality assurance laboratory that largely monitors the quality of their raw materials and finished goods.

Additionally, their quality assurance facility has been accredited by the National Accreditation Board for Testing and Calibration Laboratories (“NABL”), which assessed and accredited them in accordance with ISO/IEC 17025:2017.

They’ve also put solar panels at their production plant to generate green power, allowing them to make the most use of electricity supplied by third parties during the manufacturing process.

Their installed solar power panels have an annual capacity of 85,320 KW, which meets their electricity needs at their production plant.

Dharmaj IPO Brokerage views

Here is the views of different stock brokers regarding this IPO:

• Yes Securities : Not Updated
• Choice Brokering: Not Updated
• Axis Securities: Not Updated
• IIFL Securities: Not Updated
• Trade swift: Not Updated
• Anand Rathi : Not Updated
• ICICI Securities: Not Updated

Dharmaj IPO Subscription Status

Date	Day	QIB	NII	Retail	Employees	Total Subscription
28 November 2022	1
29 November 2022	2
30 November 2022	3

Management

Rameshbhai Ravajibhai Talavia, the Managing Director of the company, has over 28 years of expertise in the agrochemical sector. Their Whole-Time Director, Jamankumar Hansarajbhai Talavia, has over 22 years of expertise in the agriculture industry.

Their Whole-Time Director, Jagdishbhai Ravjibhai Savaliya, has over 21 years of expertise in the agriculture industry. Their Chief Financial Officer, Vishal Domadia, has over 12 years of experience in the agricultural sector.

Their management team is supported by a core technical staff with extensive manufacturing experience as well as the technological know-how to create the products that their company sells. They employ a total of 226 people and hire contract workers as needed.

Promoters

• Rameshbhai Ravajibhai Talavia
•  Jamankumar Hansarajbhai Talavia
• Jagdishbhai Ravjibhai Savaliya
• Vishal Domadia

Promoter’s Holding

Pre Issue Share Holding	77.20%
Post Issue Share Holding

Dharmaj Crop Guard Prospectus